TBF, from the analysis someone else posted, taxing the rich only brought in, like, 550 mil. Which isn’t nothing, but it’s not like “tax the rich” saved the city - they did a lot of other stuff.
Although true, I think that undersells the effect of even this minor tax on the rich. Every dollar out of a rich person pocket is a dollar out of asset investments portfolios and another dollar in the local economy. Until housing isn’t a viable investment vehicle, as an example, that’s another dollar not going to increasing the cost of housing. Housing getting cheaper means cost of living goes down not just for the worker but for the stores that sell you your food and your stuff, which has a knock on effect of making cost of living even cheaper.
Taxing the rich, even a small additional percentage, isn’t just about raising more money it’s about redistributing it from the people who use it in the worst ways possible (corrupting systems, amassing power, buying the world) to the people who use it in the best way possible (paying for food, housing, education, healthcare, hobbies, art, and their communities).
We should tax multi-millionaires out of existence, but any additional tax against the systemic problem of wealth inequality is a win in my book.
Every dollar out of a rich person pocket is a dollar out of asset investments portfolios and another dollar in the local economy
I agree, but…
I think that undersells the effect of even this minor tax on the rich
I think that saying “they zeroed their 12 bil deficit thanks to the wonders of taxing the rich” is overselling what they actually did to the extreme. They got 1/24th of the needed money from pied-à-terre tax. The true “wonder” was the 7 or 8 billion they got from the state.
That is just one small potential tax on the rich. This was only taxing second homes over 5 million (very specific). He’s also proposed a 51% increase in city individual income tax for earners over 1m, which would net 4b annually. Could increase corporate income tax, which he also proposed. That would bring in another 1.75b. Sounds like millionaires got off easy.
yeah because he wanted to seem reasonable in a insane country. in a normal world you would to tax them out of existence and pay for the deficit and more.
Oh, 100%! I’m just saying that people can’t say “the wonders of taxing the rich” like that, because that brought in 1/24th of the needed money. The true wonder was the money the state gave them (7 bil, IIRC).
But I’m truly hopeful he won’t stop here and will work on actually taxing the rich properly.
yeah. but I meant to say it does show the wonders of taxing the rich, even if this is not particularly. if this tiny amount of tax alone closed like 5% of this insane deficit, that’s still proof that actually taxing them what they deserve will do wonders.
I agree with both of you and I’ll add that the negative publicity of rich folk gnashing their teeth about something as out of touch to working Americans as taxing a 5m+ second home is a good first step on popularizing and eventually executing the rest of his tax plan.
The wonders of taxing the rich.
TBF, from the analysis someone else posted, taxing the rich only brought in, like, 550 mil. Which isn’t nothing, but it’s not like “tax the rich” saved the city - they did a lot of other stuff.
Although true, I think that undersells the effect of even this minor tax on the rich. Every dollar out of a rich person pocket is a dollar out of asset investments portfolios and another dollar in the local economy. Until housing isn’t a viable investment vehicle, as an example, that’s another dollar not going to increasing the cost of housing. Housing getting cheaper means cost of living goes down not just for the worker but for the stores that sell you your food and your stuff, which has a knock on effect of making cost of living even cheaper.
Taxing the rich, even a small additional percentage, isn’t just about raising more money it’s about redistributing it from the people who use it in the worst ways possible (corrupting systems, amassing power, buying the world) to the people who use it in the best way possible (paying for food, housing, education, healthcare, hobbies, art, and their communities).
We should tax multi-millionaires out of existence, but any additional tax against the systemic problem of wealth inequality is a win in my book.
I agree, but…
I think that saying “they zeroed their 12 bil deficit thanks to the wonders of taxing the rich” is overselling what they actually did to the extreme. They got 1/24th of the needed money from pied-à-terre tax. The true “wonder” was the 7 or 8 billion they got from the state.
That is just one small potential tax on the rich. This was only taxing second homes over 5 million (very specific). He’s also proposed a 51% increase in city individual income tax for earners over 1m, which would net 4b annually. Could increase corporate income tax, which he also proposed. That would bring in another 1.75b. Sounds like millionaires got off easy.
I know what he said and what he’s planning.
Doesn’t change the fact that so far the tax on the rich has had a minimal impact on the city’s budget, contrary to what the OC suggested.
yeah because he wanted to seem reasonable in a insane country. in a normal world you would to tax them out of existence and pay for the deficit and more.
Oh, 100%! I’m just saying that people can’t say “the wonders of taxing the rich” like that, because that brought in 1/24th of the needed money. The true wonder was the money the state gave them (7 bil, IIRC).
But I’m truly hopeful he won’t stop here and will work on actually taxing the rich properly.
yeah. but I meant to say it does show the wonders of taxing the rich, even if this is not particularly. if this tiny amount of tax alone closed like 5% of this insane deficit, that’s still proof that actually taxing them what they deserve will do wonders.
I agree with both of you and I’ll add that the negative publicity of rich folk gnashing their teeth about something as out of touch to working Americans as taxing a 5m+ second home is a good first step on popularizing and eventually executing the rest of his tax plan.